The Dubai-based Sharia-compliant real estate investment company, Madain, will soon launch a Dh860 million residential development in Dubai, adding some new residential apartments and villa units into the market.

"We are confident that with the help of our partners, associates and an experienced management team, Madain will quickly emerge as a key player in the regional real estate scene," said Madain CEO Adel Lootah, according to Gulf News.

"At the moment we are talking to our strategic partners and finalizing the master plan before the official launch in a month's time. We will then be able to reveal further details," he said.

The project represents the firm’s first major project, whose official launch stands just a month away.

"The directors were unanimous in their view that Dubai and Abu Dhabi presented the best opportunities for investment in the real estate sector.

"As Dubai is the growth area with the biggest potential for investment, it was decided to launch the first project here, and then eventually move into Abu Dhabi and neighbouring emirates and states. It was also agreed at the meeting that the first project will be a major residential development," he added.

Madain Real Estate Company was incorporated in 2006 as a private joint stock company in Dubai with a paid-up share capital of Dh500 million.